Feb 15 2021

7 ways GPS Geofencing can save your business money

Geofencing enables the receipt of notifications based on location changes within the specific geographic boundaries based on customized settings. Geofencing uses the Global Positioning System (GPS) satellite network combined with radiofrequency technologies like Wi-Fi or Bluetooth. Users can create virtual boundaries based on specific locations on the map. Once the virtual fence has been set up, the users get alarm notifications if the subject moves out of the defined boundary. The geofencing program closely monitors the movements and updates the same on the dashboard regularly.

Geofencing is a technological feature that has been around for quite some time now. However, the technology has been most costly, and the users do not find themselves motivated to invest. The earliest adoption was in the form of cattle monitoring. As and when the cattle would move out of the set geography limit, the owners would be alerted to take corrective action. The use of such technologies in fleet tracking has been a bit of a laggard story. It was primarily attributed to expensive equipment.

With the advent of cheaper, widely adopted technology equipment like cell phones, the combination of GPS, Wi-Fi, and Bluetooth radio has brought the geo-specific location to pockets of ordinary people. Geofencing is not a standard feature people can use. Not only are the technologies incredibly cheap, but they also provide geolocation markers that have enabled economies of scale for geofencing. Nowadays, you can deploy geofencing to almost any object, e.g., enabling geofencing on shopping carts that send out breach signals to shop owners if users drag the carts away from their retail location.

Global navigation satellite system (GNSS) market size worldwide 2019-2029, by region Published by Thomas Alsop, Oct 15, 2020 The global navigation satellite system (GNSS) market was valued at 150.7 billion euros in 2019, with the largest proportion of revenues generated in the Asia-Pacific region. Here, the market was worth 46 billion euros, and is set to grow to 106 billion euros by 2029. Global navigation satellite system (GNSS) market size worldwide in 2019 and 2029

Source: https://www.statista.com/statistics/1174538/gnss-market-size-worldwide-by-region/

GPS geofencing technology has several advantages that can help you improve safety, reduce costs, and increase productivity throughout your fleet. We list out 7 of the best ways how GPS geofencing saves money for your business.

  1. Prompt money savings – GPS based geofencing is a boon for truck leasing and rental businesses. The lessees drive their vehicles beyond the set geographical areas and sometimes misuse the leased vehicle. This activity has a direct impact on company’s bottom line. The GPS geofencing feature can be used with your existing fleet management software. Your fleet managers can set custom alerts based on the location of the target vehicle. This not only saves on fuel; it also avoids any unnecessary costs for the vehicle involved. The GPS-based vehicle tracking system will update the fleet managers in real-time about the whereabouts of their vehicles. The system provides for a dashboard where the managers can manage, analyze and assess the situation. They can immediately call the lessee driver and ask to correct their course and avoid any penalties. The dashboard is a platform that can track multiple vehicles plying on different routes. This round-the-clock real-time monitoring helps all stakeholders update and receive notifications in case of an unannounced change in the vehicle. The system also helps curb wasteful idling of the vehicles and any digression from the set routes.
  2. Prevent vehicle theft – As soon as the vehicle leaves the company premises, its security, as well as security of the cargo, becomes a big concern. After all, the truck, van or car is a company asset, and so is the transported material. Companies can track the movement of their vehicles in real-time. As soon as an undesirable incident is witnessed by the GPS geofencing system, it sends out an alert to all the stakeholders. These alerts are usually based on vehicle’s location digressing from the set route or movement out of the set boundary. A change in driver’s driving behavior can also set-off alarms. Even the hours of operation are monitored by the Geofencing system. In case the vehicle is driven during non-working hours, alerts are sent out by the GPS system.

Vehicle thefts do not only affect the transporters. They also affect their customers. Geofencing provides the customers with peace of mind. They can stay assured that their stock is being monitored round the clock, and in case of a theft, the alerts sent by the system can help retrieve lost items. Faster theft reporting also facilitates faster recovery.

  1. Provides transparency – When a logistics provider is transparent about the vehicle’s whereabouts, it helps strengthen their relationship with clients. They are also above to provide accurate arrival estimates. The GPS Geofencing system also helps in improving the quality of communication between fleet manager and their drivers. As the managers do not have to continuously call the drivers to check their location. And drivers are also aware that they are being watched. If the drivers move out of their service area, the system can send alert notifications to the driver’s mobile phone. Vehicle movement throughout the route can be monitored. When the vehicle goes to an un-approved fueling station, authorities can be alerted.

Dispatchers and fleet managers can monitor their drivers and reach out to them if they observe the variance in routes taken. They can call and ask drivers to correct their course and save time and money while shipping their goods.

  1. Real-time updates – When GPS geofencing is continuously monitoring the whereabouts of your fleet vehicles, you can be assured that they are correctly used by your drivers. Vehicles can be tracked as they transport goods of different kinds and follow safe delivery routines. Fleet managers can define the expected acceptable driving practices from the drivers in the system. In case of any undesirable change, the fleet managers are updated in real-time.

It may be observed that the drivers keep vehicles out of the geofence. This leads to excessive loss of time and precious fuel. Optimized system-generated routes can be generated for the drivers depending on the pick and drop jobs. In case of divergence, the stakeholders are alerted. This avoids company assets being used for personal purposes by the drivers. Real-time updates keep costs low and ensure optimized usage of company assets. This not only induces a sense of discipline in drivers. It confirms their strict compliance too. Getting detailed real-time reports helps save resources for the company.

  1. Data-driven approach – When decisions are based on accurate data, all stakeholders gain from the system. GPS-based geofencing capabilities of the supply chain can contribute to the collection of useful data. This data helps with informed decision making. The detailed reports carry time stamps and validations, proving useful in extracting precision route-based data and helping the company pay the drivers accordingly. If drivers do not comply, they can be penalized for their behavior. Evaluation of the received data gives the controllers an idea about which vehicle complied with the provided route and went out of the geofence boundary. This method of control over company resources improves ROI for the investors as well as owners and operators. Other features include driver accountability and smooth company operations.

The flow of data is automated without the need for human intervention. The beacons can connect to Wi-Fi, Bluetooth, or cellular connections and send real-time updates. The updates thus received are stored over the cloud and hence available for any stakeholder to pull out and review.

  1. Optimized Schedules – When multiple cargo loads are to be moved from various locations, finding an optimal path can prove to be a challenge. You can use the best available routing software to generate optimized routes. Planning and analysis to create routes is the first part of the planning process. The second and equally important part is to ensure that the routes are followed to the point. This is where geofencing comes to the rescue of the fleet owners. Schedule adherence can be accurately monitored for the drivers by the use of GPS geofencing. Vehicles can be observed in real-time for compliance of the set routes and time slots for pick up and deliveries. Optimized company resources translate into timely pick arrival and departure of the vehicles. Geofence boundaries can be set in a custom manner. They can be set for a small geographical area or set around a specified route. This also helps drivers comply with hours-of-service regulations digitally. Their driving records are already mapped in the GPS tracking system.
  2. Heightened Safety – Safety for the vehicles and the cargo is of utmost importance. Hence it is of pinnacle importance for the logistics service provider to track the vehicle at every point. In case of a mishap or untoward incident, the vehicle can be tracked, and help can be summoned quickly.

The added factor of safety provides peace of mind to the cargo owners. The knowledge about fleet whereabouts offers a safety net for locating and retrieve the vehicle quickly. As soon as a geofencing breach takes place, the stakeholders are alerted by text, email alerts. Improve visibility across the supply chain provides heightened safety.

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